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St. Thomas & Southwestern Ontario
Self-Employed Mortgage in St. Thomas, Ontario
Self-employed borrowers are not harder to approve because of the business — they're harder to approve because the tax return is written to minimize income, and the lender reads the tax return.
The work is in presenting the file so the income a lender can use reflects what the business actually produces.
Nandan Bajani · Licensed Mortgage Agent | Ontario · The Mortgage Firm Inc.
St. Thomas, Ontario — Daily Update
Compare Today's Mortgage Rates
As of September 18, 2026
2.25% overnight rate held steady, prime near 4.45%, but rising bond yields (5-year GoC near 3.65%) are pushing fixed rates higher
Alternative and stated-income programs generally carry a rate premium over these prime rates.
TermFixed RateVariable Rate
2-Year
Fixed
4.09%Lowest
Big 6 Bank
Variable
—
3-Year
Fixed
4.19%
Big 6 Bank
Variable
3.84%
Canadian Lender
5-Year
Fixed
4.24%
Canadian Lender
Variable
3.40%Lowest
Canadian Lender
Rates shown are for insured mortgages (down payment under 20%). Conventional/uninsured pricing may differ — contact me for your exact rate.
Source: Ratehub.ca public rate table. Rates shown are examples from a public table and are subject to qualification and change.
Plan your numbers
Run Your Numbers
From returns to funding
How a Self-Employed File Gets Approved
- 1
Two years of returns & NOAs gathered
T1 Generals or corporate financials, no CRA balance owing
- 2
Add-backs reviewed
Non-cash expenses added back where the lender allows it
- 3
Lender tier matched
Prime, alternative (B), or private, based on what the file supports
- 4
Approved & funded
Rate and terms reflect the tier
Incorporated vs sole proprietor
A sole proprietor's income is usually the two-year average of line 15000 on the T1 Generals, supported by Notices of Assessment. An incorporated owner's file can also draw on corporate financial statements, retained earnings and dividends, depending on the lender and the ownership percentage.
2 years
Typical self-employment history prime lenders look for
What lenders want to see
Two years of T1 Generals and Notices of Assessment with no outstanding balance owing to CRA
Business registration or articles of incorporation, and often a licence where applicable
Two years of corporate financial statements for incorporated applicants
Six to twelve months of business bank statements for alternative programs
Confirmation that HST and payroll accounts are current
Add-backs and stated income programs
Some non-cash expenses — capital cost allowance, business-use-of-home, certain one-time items — can be added back to declared income at some lenders. Where declared income still doesn't support the mortgage, insured stated-income programs and alternative lenders can consider reasonable business income supported by bank deposits, typically at a higher rate and with larger down payment requirements.
How the tiers usually stack up
Rate premium
Alternative (B) lenders
Alternative (B) lenders accept broader income evidence with a rate premium and a lender fee, often on a one- to two-year term used as a bridge back to prime.
Short-term, equity-driven
Private lending
Private lending is a short-term, equity-driven solution used when neither fits and there's a clear exit.
St. Thomas-area realities
Manufacturing, warehousing and logistics employment around St. Thomas often means base pay plus significant overtime or shift premiums, which lenders treat inconsistently — some use a two-year average of the variable portion, some require a longer history, some only count base salary. Contractors, trades and small-business owners in Elgin County often show low net income after write-offs; where an A-lender won't work, alternative lenders can underwrite on equity and reasonability, with a documented plan back to prime.
Related reading
Questions people ask
How long do I need to be self-employed to get a mortgage?+
Two years of history is the common benchmark for prime lenders. Shorter histories can sometimes work with alternative lenders or where there is directly related prior employment.
Can I use business bank statements instead of tax returns?+
Some alternative and stated-income programs allow it, generally with a larger down payment and a higher rate than prime.
Does owing CRA stop an approval?+
An unpaid CRA balance is a significant obstacle with prime lenders. Sometimes it can be paid out through a refinance, depending on equity.
Does overtime or shift income count?+
Often yes, with a consistent history — commonly two years. Lenders differ in how they average or discount the variable portion, so lender selection matters.
Let's structure your self-employed St. Thomas file properly
A short conversation is usually enough to know what's realistic. No obligation, no pressure.